A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

A New Tax System (Goods and Services Tax) Act 1999

Chapter 2 - The basic rules  

Part 2-2 - Supplies and acquisitions  

Division 11 - Creditable acquisitions  

11-15  Meaning of creditable purpose  

(1)  

You acquire a thing for a creditable purpose to the extent that you acquire it in *carrying on your *enterprise.

(2)  

However, you do not acquire the thing for a creditable purpose to the extent that:


(a) the acquisition relates to making supplies that would be *input taxed; or


(b) the acquisition is of a private or domestic nature.

(3)  

 View history reference
An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that the supply is made through an *enterprise, or a part of an enterprise, that you *carry on outside the indirect tax zone.

(4)  

 View history reference
An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed if:


(a) the only reason it would (apart from this subsection) be so treated is because it relates to making *financial supplies; and


(b) you do not *exceed the financial acquisitions threshold.
 View history reference

(5)  

 View history reference
An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that:


(a) the acquisition relates to making a *financial supply consisting of a borrowing (other than through a *deposit account you make available); and
 View history reference


(b) the borrowing relates to you making supplies that are not input taxed.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page